It has been the practice of Bank of America to send out letters with an agreement titled, "Deed in Lieu of Foreclosure Agreement" to homeowners in default on their mortgage. This is an attempt to have a homeowner deed their property over to their lender to avoid foreclosure. However, before a homeowner agrees to sign this agreement, they need to read the small print and consult an attorney.
In a recent Deed in Lieu of Foreclosure Agreement letter I read from Bank of America it stated; "we reserve the right to collect the difference between the value of the Property and the unpaid balance..." In other words, this is not a release of a Deficiency Judgment. Not releasing a possible deficiency judgment means a homeowner could be opening themselves up to further collections.
As a Short Sale Real Estate Agent in Sarasota, Florida with Keller Williams Realty, I have seen many situations where a homeonwer believes they are walking away from their problem and property by either letting their property forclose or agreeing to a "Deed in Lieu of Foreclosure". After the fact, the homeowner discovers they are liable on a Deficiency Judgment, which could take a lifetime to resolve, when there was a better option available to them.
In a Short Sale, a lender agrees to accept less than what is owed on their mortgage and usually pays all the cost of sale, to facilitate the sale of a property facing foreclosure. In a Short Sale approval, many times a lender will remove the right to pursue a Deficiency Judgment as a condition of the homeowner completing the Short Sale. If a lender is not agreeable to removing the deficiency judgment in a Short Sale, an experienced Short Sale Real Estate agent can normally convince the lender to have this clause removed.
The Troy Funk Team with Keller Williams Realty has closed over 100 bank negotiated sales in the Sarasota and Manatee County Market area in less than a year. Troy Funk holds the CDPE (Certified Distressed Property Expert) certification and the SFR (Short Sale and Foreclosure Resource) certification. For more information on a Short Sale, visit our website www.TroyFunk.com or call Troy for a Free consultation at 941-445-9999.
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